Brazil approves more oil exploration blocks for May auction

2/28/2013

Brazil approves more oil exploration blocks for May auction

BY JEFF FICK

RIO DE JANEIRO--Brazil has approved an additional 117 oil and natural gas exploration blocks to be sold at a concession auction scheduled for May.

The additions were published in the country's Federal Register.

The move brings the total number of blocks up for bid at the so-called 11th round concession auction, the country's first since 2008, to 289 blocks.

The auction is expected to generate heavy interest from global oil companies because it includes exploration acreage in a promising region known as the equatorial margin. The area is believed to hold oil reservoirs similar to those discovered off the west coast of Africa and to Brazil's north in French Guyana.

Dow Jones Newswires

 

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